Bench-marking is the process of studying industry or competitive practices, functions and products and finding ways to meet or improve upon them. Companies from all different industries use bench-marking to gauge their successes and pinpoint their shortcomings. The general process of benchmarking involves identifying problem areas, selecting top competitors who excel where a company falls short and making the necessary changes. There are several key advantages to using benchmarking in an organization.
Competing in overcrowded industries is no way to sustain high performance. The real opportunity is to create blue oceans of uncontested market space.